Connecting a Regulated Europe (Salt Edge) Financial Institution to NetSuite

Important:

The Bank Feeds SuiteApp includes third-party applications provided by Salt Edge Limited. Your access to and use of such portions of the SuiteApp may be subject to separate terms and conditions and a separate privacy policy between you and Salt Edge Limited. Any such separate terms will be made available for your review before you enable the relevant portion of the SuiteApp.

You must carefully read these terms before enabling this functionality, and if you're not willing to be bound by these terms or you're not authorized to accept these terms on behalf of your company or organization, don't enable this functionality.

The following procedure describes how to connect one or more PSD2 regulated financial institutions in Europe to NetSuite. You can use the same procedure if you want to connect to financial institutions that operate globally and aren't country-specific.

Guidelines for Regulated Europe (Salt Edge) Connections

Before you proceed with connecting your financial institution to NetSuite, take note of the following:

• Connection Requirements

  • Not every financial institution connection experience is the same and not all financial institutions can be accessed, or accessed reliably, using the Bank Feeds SuiteApp. Several factors may affect whether the Bank Feeds SuiteApp can connect to your financial institutions, including factors that Oracle can't control.

  • The Bank Feeds SuiteApp only supports certain bank or payment accounts. Selecting an unsupported account type such as a loan, mortgage, or investment may not work with your bank feeds setup.

  • You'll need Administrator access or a custom role with required permissions to set up bank feeds. For more information, see Bank Feeds Roles and Permissions.

  • You must enable popups in your browser so the configuration window can open during bank feeds setup.

• Salt Edge Registration and Verification

  • The email address you use to register links your NetSuite account to an authorized Account Information Service Provider (AISP). Make sure the email address is unique and belongs to someone in your company who's authorized to accept the AISP's terms and conditions on your behalf.

  • For questions or issues about registration or bank connection setup, contact a user with the Administrator role or NetSuite Support. NetSuite coordinates with Salt Edge if further investigation is required.

  • If the registered email address belongs to an employee who leaves your company or no longer manages bank feeds, unregister your Regulated Europe Accounts (Salt Edge) connection. For instructions, see Bank Feeds - Unregister Europe Accounts.

    To reconnect, follow the connection procedure in this topic. Use a new, unique email address that belongs to an employee authorized to accept Salt Edge's terms on behalf of your company.

To connect NetSuite to a regulated financial institution operating in Europe:

1. Go to Setup > Accounting > Financial Statements > Financial Institution > List.

2. On the Financial Institution page, click View next to the Bank Feeds financial institution record.

3. On the Format Profile: Configuration subtab, click Edit next to Regulated Europe Accounts (Salt Edge).

4. On the Regulated Europe Accounts (Salt Edge) Format Profile page, click the Connectivity Configuration subtab.

5. Register your NetSuite email address with Salt Edge using the Bank Feeds SuiteApp. Salt Edge is an authorized Account Information Service Provider (AISP) for bank feeds integration in NetSuite.

   If you're connecting to a financial institution for the first time, complete the following steps. You can register only through the Bank Feeds SuiteApp, not directly with Salt Edge.

   1. Read and acknowledge the information displayed. Make sure you're authorized to register your NetSuite account with Salt Edge Limited. Contact your Administrator for more information.

   2. Check the value on the Email field. The Email field automatically populates with the email address you're using to log in to NetSuite.

   3. Click Register.

      You'll receive a confirmation email to complete your registration and activate your secure Salt Edge End User Dashboard. The Salt Edge End User Dashboard is part of the registration process, but activation is optional. You must manage all bank connectivity in NetSuite to prevent issues or inconsistencies between Salt Edge and NetSuite connections.

6. In the popup window, do the following actions:

   1. Search for your financial institution by entering a name or keyword.

   2. Select your preferred financial institution from the list of results.

   The Connectivity Configuration subtab is masked, and you can't make any changes until you have completed the configuration setup. To close the popup window, click Cancel, or close the window to go back to the Connectivity Configuration subtab.

7. Depending on your selected financial institution, enter your log in credentials or grant NetSuite access to your account.

   Click the Show Instructions expandable content for more information.

8. Click Next.

9. To comply with Europe's anti-money laundering and KYC (Know Your Customers) requirements, you must validate your identity during registration. Enter your full name or select the ownership type for the NetSuite account you're registering. In some cases, you must provide both information.

   Additional information may be required as part of the KYC requirements.

10. Click Proceed.

11. Read the data sharing notice and then acknowledge by checking the box on the page to grant consent to Salt Edge Limited.

12. Click Confirm.

    The system will then validate your login credentials and start setting up a secure connection to your financial institution. You may also be redirected to your financial institution's website to give NetSuite access to your account before the system can set up a secure connection. The configuration progress appears.

13. If your account requires additional multifactor authentication (MFA) validation, enter the required confirmation, and then click Next.

    The setup retrieves all bank and credit card accounts from your financial institution.

14. If prompted, check the box next to each supported bank or payment account you want to include.

    When the configuration process is done, the configuration window closes automatically and you'll be redirected back to the Connectivity Configuration subtab.

    The Connectivity Configuration subtab refreshes with your new connection. All active financial institution connections are listed under the Connections subtab, and all connected bank and credit card accounts are listed under the Accounts subtab.

15. (Optional) To add another financial institution account in NetSuite, click Connect New Institution. You can connect to a different financial institution or the same financial institution with a different login credential.

16. After entering the required configuration data, go to the Account Linking subtab. From the Linked GL Account list, select a bank or credit card account in NetSuite you want to link to the adjacent accounts.

    For more information, see Linking Accounts for Financial Institution Connectivity.

17. Click Save on the format profile record.

Related Topics

• Managing Regulated Europe (Salt Edge) Financial Institution Connections
• Managing Regulated Europe (Salt Edge) Bank and Payment Accounts for Bank Feeds

General Notices